Sunrise first revealed plans for this arrangement back in December. The deal leaves the company with a $133 million debt reduction plus additional proceeds. Sunrise hopes to use the additional funds, which amount to a pre-tax figure of $44 million, for the construction of additional centers specializing in the care of Alzheimer and memory impaired patients, and the repayment of debt. The company will maintain a 20% ownership stake in the properties, and will also continue to reap funds from its management duties.
Sunrise plans the disposition of as little as three and as many as eight more properties this year. Also, the company has signed on to a joint venture with Bahrain-based First Islamic Investment Bank, creating Sunrise First Assisted Living Holdings and acquiring approximately $203.4 million in lease interests on a dozen properties.
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